Who will inherit your money?

For over 40 years, New Ventures Maine has been working with residents to guide them in finding career paths in an everchanging economic landscape, by offering tuitionfree programs for career, business, and financial education. From the very beginning their mission has been clear-- help Maine families succeed. Part of their demographic includes those who have yet to enter the workforce. New Ventures has developed a program geared towards encouraging 8th grade and high school girls to experience first hand what it’s like to work in non-traditional fields. Three years ago, Totally Trades! Conference for Girls started its first workshop, featuring careers in heavy equipment operation, welding, and engineering to name a few. Today, their workshops have grown more expansive, reaching almost 800 young women this year, and providing new programs including coding robots and drones.

The latest Totally Trades! Conference took place on May 17 at Central Maine Community College in Auburn in collaboration with Lewiston Regional Technical School. Over one hundred 9th grade girls from the Androscoggin region attended and participated in trades that are predominantly filled by men.

“The conferences are two-fold,” said Chris Davis, Workforce Development Specialist for New Ventures Maine. “I want to spark capacity and an understanding that females can do this work. They can handle tools, they have the brains, the brawn and they have whatever they need to fill these normally male dominated roles. Two, we need this for the trades. As a community and as a state, we need more workers in the trades and females are untapped.”

According to a 2012 estimate by the U.S. Census Bureau, Maine has a median age of 43.5, the highest in the country. As the baby boomer generation leaves the work force and retires, the trade industry will need a lot more employees to keep Maine’s infrastructure and economy going.

“It’s lucrative, you get paid good money with good benefits. To have girls start to look into it and see how they can actually make it a reality is huge. If we can feel more capable as women then we can become more interdependent versus dependent,” said Davis, “These are the kinds of experiences that allow us to say, ‘Hey I can do this’.”

In the heavy equipment operation workshop, girls were able to try out several

Submitted photo

pieces of heavy machinery, including a bulldozer, crane and dump-truck. These experiences are unlike anything students could find in a traditional, classroom setting.

An employee of St. Laurent & Son spoke to the girls before they tested out the equipment. “I’m gonna be honest with you, most of the girls, they were the best workers I had. They were smart. I know a girl and she was the best driver I had. If you guys are interested in this, we need more girls out there.” Crane operators can make up to 60 dollars an hour.

“100 percent of feedback evaluations from girls who attended last year said they would recommend it to a friend and that’s huge,” said Davis, “They love it, they were pumped. They let us know what they want and we just want to be empowering.”

For more information on totally trades, visit their website, newventuresmaine.org

When you pass, who will inherit your assets? Will your assets be distributed via the probate process? (And will information about your estate therefore become public record?) What if someone should challenge your Last Will and Testament? Will the probate of your assets be an extended and costly process for your estate?

Truth be told, most of the pitfalls of estate distribution can be avoided. Your estate can be distributed to whomever you want, as efficiently as you want, and as privately as you want. What is the secret to making this happen? It’s what I call Proper Prior Planning.

When you choose your beneficiaries, think multigenerational: If the primary beneficiary you have listed should pass before you, whom do you want to be next in line? The answer to this question is your contingent beneficiary/beneficiaries. Have you listed one or more contingent beneficiaries as well?

Some of the questions involving beneficiaries can be difficult to think about, but answering them yourself and making your choices clear are gifts you can give your survivors.

What if you have listed two or more of your children as equal beneficiaries and one of them should pass before you? Do you want the surviving child (or children) to receive the deceased child’s share, or do you want the children of that deceased child to receive that percentage? Potential situations like this and many others must be spelled out in your Will or beneficiary designations on insurance contracts and financial accounts.

One of the common errors we see people make is leaving retirement accounts to children without educating them with regard to the tax ramifications. This is when accounts such as IRAs degrade into what I call “IOUs to the IRS.” The good news is, this too is avoidable.

To be prepared, ask yourself all the pertinent questions about estate distribution and develop a thorough plan. The pros at JMA will be happy to help you. And after you choose your beneficiaries, be sure to educate them about what they stand to inherit, people they will need to contact, and your personal preferences about how they will handle your assets.

Here is what I promise: If you do Proper Prior Planning, you will decrease the chances of Potentially Poor Performance! See you all next month.

Jac Arbour, CFP®, ChFC®

Jac Arbour is the President of J.M. Arbour Wealth Management.

He can be reached at 207-248-6767.

Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

J.M. Arbour is a comprehensive financial planning and investment advisory firm headquartered in Hallowell, Maine. Lance Gilman is a Veteran, has a fiduciary duty to his clients, and is a proud member of the J.M. Arbour team. Areas of Expertise:

lance@jmarbour.com

Submitted photos

CEDARVILLE, Ohio — Anna Simmler, of Bowdoin, Maine, graduated from Cedarville University with a bachelor of arts in biology degree during the 123rd annual commencement held May 4.

Simmler, a biology major, was also named to the dean’s honor list. The recognition required Simmler to maintain a 3.75 minimum GPA while carrying at least 12 credit hours during spring semester.

POTSDAM, N.Y. — Lauren Elizabeth Carter, of Pownal, Maine, graduated from Clarkson University in May.

Carter received a bachelor of science degree with great distinction in engineering and management.

• Flower • Edibles • Tinctures • Distillates

• Extractions • Vape Products Tue-Sat 10-7 and Sun 12-5

LIVING ON A BAD NAME

THURSDAY

LineDancing & Free Pool 6pm to 10pm FRIDAY AND SATURDAY

Live Music 6pm to 1am SUNDAY

Retro Dance Party 6pm to 11pm

Dave Maher photo

BATON ROUGE, La. — Students from Lisbon and Sabattus, Maine, were recently initiated into The Honor Society of Phi Kappa Phi, the nation’s oldest and most selective all-discipline collegiate honor society.

James Riley, of Lisbon, was initiated at Arkansas State University.

Kayla Sikora, of Sabattus, was initiated at University of Southern Maine.

The two are among approximately 30,000 students, faculty, professional staff and alumni to be initiated into Phi Kappa Phi each year. Membership is by invitation only and requires nomination and approval by a chapter. Only the top 10 percent of seniors and 7.5 percent of juniors are eligible for membership.

I’m Back

Faye Brown would like to thank all her past and present barber customers as she approaches her 50th anniversary as a graduate of Hanson’s Beauty Salon of Lewiston as a Barber during the iconic days of the Woodstock festival. To quote, “Give me a Head with Hair” …I’ve seen quite a few of those heads!

Faye will be working out of the “Hairs To You” salon on Main street in Lisbon Falls. Please contact Faye for appointments at her home phone 207-353-5771.

“Looking forward to seeing you all back again!”

We Got The Stuff You Don’t Even Know You Need!

• Marine • Hardware • Electrical • Lawn & Garden • Fasteners • Plumbing • Automotive • Paint